Why should I appoint a Property Manager?

Dec 16, 2017 3:51:58 AM

It’s important to ask yourself “Do I have a thorough understanding of the Residential Tenancies Act and other associated statutes?” This is a highly specialised aspect of Real Estate and it is fraught with the danger of litigation in almost every task you undertake.

Industry understanding

Off Plans.jpgA competent Property Manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times.  Agents are often engaged to pick up the pieces of poorly self managed properties after it has cost the owner countless hours in trying to resolve conflicts with their tenant, not to mention the monetary cost.
It’s important to ask yourself “Do I have a thorough understanding of the Residential Tenancies Act and other associated statutes?”
This is a highly specialised aspect of real estate and it is fraught with the danger of litigation in almost every task you undertake.  A competent property manager not only possesses a strong understanding of their role, they continually increase their knowledge of insurance requirements, changes to legislation and industry and market trends to ensure all clients achieve the highest level of service at all times.  Agents are often engaged to pick up the pieces of poorly self-managed properties after it has cost the owner countless hours in trying to resolve conflicts with their tenant, not to mention the monetary cost.

Considering managing yourself?
If you are at all considering managing your own investment property then it’s wise to consider the following points:

  • Do you possess a thorough understanding and knowledge of the Residential Tenancies Act in order to maintain a fair and professional relationship with your tenant? The tenant may be entitled to compensation if you inadvertently breach their rights.
  • Do you understand a Landlords' obligation under other acts affecting a tenancy? Discrimination, consumer protection, building and other statutes all impact a tenancy.
  • Are you confident that you know enough about the tenant selection process to ensure that you ask the right questions and receive the right answers before you place a tenant in your valuable asset – this can save untold heartache and frustration for you.
  • As a private landlord, you may not have the appropriate access to credit control databases and run the risk of putting a tenant into a property without knowing their full credit history.  Often we find that tenants without a good credit history apply for properties that are privately managed as they know they can hide their past problems.
  • Do you know how to lodge your tenants’ Bond money in accordance with the Residential Tenancies Act requirements and within the required timeframe? If you do not lodge the bond appropriately you may be liable for heavy penalties.
  • Do you know the right procedure when dealing with rental payment arrears? It is vital that the correct notices and service periods are used to prevent a notice from being compromised which would result in your having to reissue a notice which may result in a financial loss and also a claim from a tenant that their rights have been breached with an associated claim for compensation.
  • Do you have a concise knowledge of the Residential Tenancies Act to effectively represent yourself in Court? The procedure must be precise. If you are ill prepared with non-compliant documentation, invalid notice periods or lack of evidence, justice may not fall on your side. Minor mistakes may cost you dearly!
  • Do you know the correct procedure when the tenant has absconded and abandoned goods remain on the property? The Residential Tenancies Act has a range of procedures that must be followed when goods are left on the property. Additionally, if you enter the property when possession has not been handed back you risk any compensation you may have been entitled to; not to mention any penalties that may be imposed due to the breach of the Residential Tenancies Act.

 

We are here to help
Renting and managing property is often a stressful time. That’s why we pride ourselves on clear communication from the outset. We make sure we work with you – so you’re always in control, from the initial renting process and throughout the ongoing care and management programme of your property. So if you have any questions at any stage, please don’t hesitate to ask.

Harcourts in North Vancouver- Phone: 604 770 3818

Unit 109-267 West Esplanade

North Vancouver

V7M1A5

Topics: Harcourts value proposition